Annual Report 2023


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04 » Cash and cash equivalents

Cash and cash equivalents consist of cash held by banks, cash on hand, and short-term deposits.

Short-term deposits are only shown as cash and cash equivalents if they are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value.

The credit risk of cash and cash equivalents measured at amortized cost is insignificant due to their short-term maturity, counterparties’ investment grade credit ratings, and established exposure limits. Therefore, adidas does not recognize any credit impairment losses for these financial assets.

As of December 31, 2023 cash and cash equivalents includes cash in banks and cash on hand amounting to € 596 million (2022: € 726 million) and money market funds amounting to € 835 million (2022: € 72 million). In addition, cash and cash equivalents includes € 211 million and € 155 million as of December 31, 2023 and 2022, respectively, held by subsidiaries that were subject to foreign exchange control (e.g. Russia, Argentina) or other legal restriction and hence were not at anytime available for general use by adidas AG or other subsidiaries.

Further information about cash and cash equivalents is presented in these Notes. see Note 28